The Rise of Baba Siddique: From Politician to Mumbai Real Estate Tycoon
Baba Siddique, a prominent figure in Mumbai's real estate and political circles, started his career as a corporator in the Brihanmumbai Municipal Corporation (BMC) and later became an MLA for Bandra. Known for his ambitious projects and significant wealth
Baba SiddiqueReal EstatePoliticsMumbaiBandraReal Estate MaharashtraOct 17, 2024
Siddique's wealth grew exponentially over the years. According to his election affidavit from 2014, his assets were valued at around Rs 76 crore, a significant increase from the Rs 23 crore he reported in 2009. By 2014, his wealth had more than doubled, and it is speculated that his net worth continued to grow after that. Despite not contesting the 2019 elections, his son, Congress MLA Zeeshan Siddique, reported assets of Rs 9 crore that year.
In 2004, Siddique founded Zears Developers Pvt Ltd, a company that would become a major player in the real estate market. One of his first major projects was the Link Square mall on Linking Road in Bandra, which quickly became a popular commercial hub. He also redeveloped a plot on 16th Road into Shiv-Asthan Heights and constructed Maqba Heights near Pali Naka, where his family resides. Another notable project was Vertical Bliss at Almeida Park, further solidifying his reputation as a visionary developer.
However, Siddique's rise to prominence was not without controversy. In 2017, the Enforcement Directorate (ED) seized 33 flats linked to him in a money laundering case valued at around Rs 400 crore. However, the case was eventually closed after the police filed a summary report, clearing him of any wrongdoing.
Siddique was known for hosting extravagant iftar parties and had close ties with Bollywood stars, especially Salman Khan. His connections in the entertainment industry added to his public persona and influence. Since 2019, Siddique has had to balance his roles as a businessman and a public figure, particularly with his son Zeeshan being elected as MLA from Bandra East.
Two redevelopment projects in Bandra have gained significant attention, with both Baba and Zeeshan Siddique advocating for transparency and resident rights. The projects in question are Sant Dnyaneshwar Nagar and Bharat Nagar, located in the Bandra Kurla Complex (BKC), a prime area of Mumbai. The cost per square meter for built-up space in BKC is around Rs 3.4 lakh for commercial properties and Rs 3.5 lakh for residential. The plan for Sant Dnyaneshwar Nagar, a 10-acre site housing 5,500 families, includes the development of a luxury hotel, commercial spaces, and premium housing, with provisions to rehabilitate the slum residents. In August, Zeeshan was booked for obstructing government officials from surveying the slum area, highlighting the complex dynamics at play in these redevelopment projects.
Despite his controversial past and the ongoing projects, Baba Siddique's legacy as a real estate tycoon remains intact. His contributions to the development of Bandra and his influence in both business and politics are undeniable. As the real estate market in Mumbai continues to evolve, the impact of his projects and initiatives will likely be felt for years to come.
Frequently Asked Questions
When did Baba Siddique begin his political career?
Baba Siddique began his political career in the Brihanmumbai Municipal Corporation (BMC) in 1995.
What significant projects did Baba Siddique undertake in the real estate sector?
Siddique's notable projects include the Link Square mall on Linking Road in Bandra, Shiv-Asthan Heights on 16th Road, Maqba Heights near Pali Naka, and Vertical Bliss at Almeida Park.
How did Baba Siddique's wealth grow over the years?
His assets grew from Rs 23 crore in 2009 to Rs 76 crore by 2014, and it is speculated that his wealth continued to increase after that.
What controversy did Baba Siddique face in 2017?
In 2017, the Enforcement Directorate (ED) seized 33 flats linked to him in a money laundering case valued at around Rs 400 crore, but the case was eventually closed after the police filed a summary report.
What are the two redevelopment projects in Bandra that Baba and Zeeshan Siddique are involved in?
The two redevelopment projects are Sant Dnyaneshwar Nagar and Bharat Nagar, both located in the Bandra Kurla Complex (BKC).
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